379.145. 1. When fire insurance policies shall be hereafter issued or renewed by more than one company upon the same property, and suit shall be brought upon any of said policies, the defendant shall not be permitted to deny that the property insured was worth the aggregate of the several amounts for which it was insured at the time the policy was issued or renewed thereon, unless willful fraud or misrepresentation is shown on part of the insured in obtaining such additional insurance; and in such suit the measure of damage shall be as provided in section 379.140; provided, that whatever depreciation in value below the amount for which the property is insured may be shown, as provided in section 379.140, shall be deducted from the amount insured in each policy, in the proportion which the amount in each such policy bears to the aggregate of all the amounts so insured on such property.
2. This and section 379.140 shall apply only to real property insured.
3. Any condition in any policy of insurance contrary to the provisions of this chapter shall be illegal and void.
(RSMo 1939 § 5931)Prior revisions: 1929 § 5820; 1919 § 6230; 1909 § 7021
(1970) Valued policy laws are not limited to insurance against loss by fire of improvements on real property but apply as well to policies of fire insurance on personal property. Duckworth v. United States Fidelity & Guaranty Co., 452 S.W.2d 280 (Mo.App.).
(1964) Where fire insurance policies are issued by more than one company upon the same property, no insurer can deny property was worth aggregate of several amounts for which it was insured, in absence of willful fraud or misrepresentation; measure of damages in case of total loss is amount for which property was insured, less depreciation. MFA Mutual Ins. Co. v. Southwest Baptist Col., Inc., 281 S.W.2d 797 (Mo.Sup.Ct.).
Missouri General Assembly